I am running bank Customer service point of Fino Bank. My service is to withdraw money on commission.
There is deposit of more than 5 crore but it is not my income.
How my income decided and what amount should I show in ITR ???
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Huge deposit
Replies (6)
The commission which is credited to you in the Financial year should be treated as your turnover in your profit or loss account and to be disclosed to the income tax authorities.
The commission which you are getting from your Business Correspondent should be shown as Business Income.
The amount of commission you are getting is your income. you can show as your income from commission business. you have to file ITR 3.
You have to firstly gather all records and try to make bs&pl if you have not done it till now. your income would mainly comprise of commission receipts. and then file itr3
Hi Chandan
It is in your mind that you withdraw the amount of repaying to the customer after deducting your commission part.
you need to prove to Income Tax Authorities that transactions have happened in that way. even after proving it creates dificulties.
Very True. There is a similar client of mine doing bill payments and money transfers. The cash deposit is above 13crores but in his case, there are acc credits of almost 20crores more and we have maintained daily records with real-time reconciliation. This is advised.
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